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Kazakhstan's giant offshore Kashagan field is expected to produce 8.9 million tonnes of oil in 2017 (about 192,000 barrels per day), Kazakh Energy Minister Kanat Bozumbayev told Reuters on Wednesday. Kashagan had produced more than 600,000 tonnes (4.7 million barrels) since test pumping started there on Sept. 28, of which more than 500,000 tonnes had been exported, he said. Bozumbayev also said his country was in talks with OPEC and non-OPEC oil producers and would support the organisation's stance on reducing output.

Refining was a lifeline for energy companies when oil prices started falling sharply in the second-half of 2014. While global refining margins this year have tightened from 2015, Europe's fourth-quarter margins (BRT-ROT-REF) have held strong, a boost to earnings for energy majors Total, BP and Royal Dutch Shell as the oil price languishes at less than half those of 2014 peaks. "Margins were supported by turnarounds worldwide but the sizeable drop in Latin American refinery runs this year was probably the decisive factor," Robert Campbell, head of oil products research at Energy Aspects, said.